Wafd, Inc. · NASDAQ:WAFD
Wafd — Washington Federal — Shareholder Meeting (January 2021)
20 slides from Wafd's shareholder meeting presentation, Jan 28, 2021
Slide 1: Shareholder Meeting January 2021
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Washington Federal’s management and are subject to significant risks and uncertainties. The forward
Slide 2: Annual Meeting Agenda
Annual Meeting Agenda 2 1. Welcome and Opening Remarks 2. Introduction of Executive Management and Directors 3. Secretary's Report on Registration, Notice Given, Information Available, Stockholders' List, Voting Procedures and Minutes of 2020 Annual Meeting 4. Business Items to be Voted on: 1. To El
Slide 3: Executive Management Committee
Executive Management Committee
Slide 4: Board of Directors
Board of Directors (Saal 28 WaFd Bank
Slide 5: Secretary's Report & Review of the Minutes
Secretary's Report & Review of the Minutes 5 Copies of the annual meeting and proxy are available at www.wafdbank.com or request a physical copy by emailing info@wafd.com Anyone who wishes to revoke their proxy or who hasn’t voted must click on the “Vote Now” screen during this meeting prior to clos
Slide 6: Business Items to be Voted On
Business Items to be Voted On: 6 1. To Elect Three Directors for a Three-Year Term Ending in 2024 or Until Their Successors are Elected and Qualified; A. Mark N. Tabbutt B. Brent J. Beardall C. S. Steven Singh 2. To Approve, by a Non-Binding Advisory Vote, The Compensation of Named Executive Officer
Slide 7: Overview of WaFd Bank
1Excludes Q4 2016 due to change in tax laws Overview of WaFd Bank 7 • Regional Diversification: Diversification of a larger bank with operations across 8 states in both urban & rural markets • Strong Collateral: 39% Current average LTV on SFR portfolio; 100% of Top 20 criticized loans to one borrowe
Slide 8: Vision 2025: Our Objective and Values
Our Objective: A highly-profitable, digital-first bank that leverages data to anticipate financial needs and empower our clients by creating frictionless experiences across all interactions and devices. Our Values: Integrity, Teamwork, Ownership, Service, Simplicity & Discipline Vision 2025 8
Slide 9: Our Strong Markets Enable Conservative Lending
Our Strong Markets Enable Conservative Lending 9 Our markets are among the most desirable in the U.S. and create foundation for loan growth without excessive risk. States with the Best and Worst Economies¹ Name Rank 5 Year Annualized GDP (Q1 2020) Washington 3 3.9% Oregon 8 3.2% Arizona 6 3.0% New M
Slide 10: Strengthened Funding Profile and Still Getting Better
Note: Deposit data as of 9/30 of each year, respectively. Strengthened Funding Profile and Still Getting Better 10 We have significantly reduced our dependence on borrowings and CDs, while lowering our cost of funds and strengthening our relationships with our customers. September 30, 2010 September
Slide 11: Moving to a Digital First Mindset
Moving to a Digital First Mindset 11 Our Historical Digital State Legacy On-Premise Systems Disconnected Digital Experiences Data Highly Segmented and Not Strategically Leveraged Focus on Branch-Based Customer Engagement 1 2 3 4 Future State Redundant, Cloud Based Architecture Frictionless, Digital
Slide 12: NPS Approaching Best In Class
(12) (10) (5) (5) (1) 3 8 51 75 NPS Approaching Best In Class 12 Our investments in customer service, usability and technology are translating into top-tier customer satisfaction levels. Source: Customer Guru WaFd NPS 17 34 47 51 2017 2018 2019 2020 Peer NPS
Slide 13: Diversifying Loan Portfolio
Diversifying Loan Portfolio 13 We have built a strong commercial lending franchise to complement our strength in residential mortgage. September 30, 2010 September 30, 2020 $9.3 Billion $12.8 Billion • Loan portfolio has diversified significantly. • Broadened business lines reduce volatility in orig
Slide 14: Exposure to COVID-19 Impacted Industries is Low
Office Space Stabilized Hotels (Except Casino Hotels) and Motels Oil Gas Construction of Office Space Continuing Care Retirement Communities Other General Medical and Surgical Scheduled Passenger Air General Freight Trucking, Long- Distance, Truckload 10% 90% 1 Outstanding Balances in COVID-1
Slide 15: Very Conservative, Low LTV SFR Portfolio
Very Conservative, Low LTV SFR Portfolio 15 Disciplined underwriting with view of owning the loan over its lifetime results in best-in-class LTVs. Amount % of Portfolio SFR Delinquencies as of 9/30/2020 $26 million 0.5% Fiscal Year SFR Net Charge Offs (Recoveries) for the Year-ended 9/30/2020 $(1.2)
Slide 16: Our Net Charge Offs are a Small Fraction of Industry Average
Largest 200 10 Bank Peer WaFd Our Net Charge Offs are a Small Fraction of Industry Average 16 Our NCOs are only ~20% of industry average and ~40-60% of peers Average NCOs Per Year - Last 20 Years 0.65% 0.27% 0.35%0.34% 0.09% 0.19% 0.13% 0.07% 0.10% SFR Mortgage MultiFamily Other CRE • Net Charge Off
Slide 17: Stock Price and Book Value Per Share
Stock Price and Book Value Per Share 17 $0 $5 $10 $15 $20 $25 $30 $35 $40 Stock Price Book Value per Share
Slide 18: Results of Voting
Results of Voting 18 Because any votes cast today during our meeting must still be tallied, the Inspector of Elections will not be able to provide us with final tabulations until later this week. Based on votes received as of the start of this meeting, there were over 60 million votes cast by proxy
Slide 19: Shareholder Questions?
Shareholder Questions? Please submit your questions via the chat function. We will answer as many questions as time allows. If we are unable to answer your question during the meeting, we will post a complete FAQ within four days.
Slide 20: Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Washington Federal’s management and are subject to significant risks and uncertainties. The forward
Washington Federal — Shareholder Meeting (January 2021) on 6ix